Hydrogen Generation Market: Resounding Global Call to Increase Reliance on Clean Energy Opens Intense Research and Business Opportunities in Hydrogen Generation Market

Strong commitments to mitigate climate change, reduce greenhouse emissions, and to achieve sustainable development goals (SDGs) have propelled the world towards clean energy sources. Countries across the globe are adopting and implementing net-zero strategies to reduce reliance on fast-depleting fossil fuels. In this backdrop, the hydrogen generation market is poised to register exponential growth in the near future. Climate-conscious governments consider hydrogen as an indispensable source to achieve their clean energy goals, and subsequently, managing the alarming rate at which global temperatures are rising. Over the forecast period, promising government regulations for decarbonization and desulfurization, coupled with advancements in green hydrogen generation technologies, are expected to drive innovation and robust growth in the hydrogen generation market.

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Drive Towards Sustainable Development & EVs Leads to New Hydrogen Generation Technologies

Virtually all economies of the world are driven to create actionable policy frameworks to lower their carbon footprints. These national goals are supported by international agreements that emphasize the adoption of hydrogen. In this context, governments are relying on hydrogen technologies to achieve their decarbonization goals. Both the public and private sector have joined hands to increase investments in hydrogen generation technologies. These developments are highly beneficial for the hydrogen generation market. Another maturing opportunity in the market is the electric vehicle (EV) industry. Hydrogen fuel cell technology is pursued by leading EV manufacturers owing to its energy-efficient nature and longer battery life. In the coming years, as more consumers switch to electric mobility, the market is anticipated to witness significant expansion.

Low Cost Associated in Blue Hydrogen Extraction Makes it a Lucrative Business Segment

Hydrogen extraction can have multiple sources including such as wood, natural gas and oil, and water. Based on source, the hydrogen generation market is segmented into blue hydrogen, green hydrogen, and gray hydrogen. Among these, the blue hydrogen segment is expected to observe the fastest growth over the assessment period. Auto thermal reforming (ATR) or steam methane reforming (SMR) produce blue hydrogen, and they retain their prominence as the most cost-effective method to generate hydrogen. Key players in the market are predicted to increase their investments in the blue hydrogen generation, creating headways for robust growth in this segment. Although hydrogen generation is gaining ground, progress remains slow. Widespread adoption of hydrogen in the transport, construction, and power sector is essential to achieve rapid market growth in the long-term.

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Asia Pacific Emerges as a Highly Promising Market

Countries in Asia Pacific are consistently adopting green technologies. Japan, South Korea, India, Singapore, and Malaysia exhibit promising resolve to reduce their carbon emissions. Moreover, promising government regulations, support from leading industry players, and uptick in adoption of EVs is predicted to work in favor of this region's hydrogen generation market. Thus, Asia Pacific's hydrogen generation market is poised to witness significant expansion over the forecast period.

Leading producers in the global hydrogen generation market include Doosan Fuel Cell, Clean Hydrogen Producers Ltd, Ballard Power Systems, Inc., AFC Energy, Chevron Hydrogen Company LLC, Bloom Energy Corp., FuelCell Energy, Inc., Air Liquide, CTP Hydrogen, Air Products, among others.

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